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Overland Plumbing can help you secure the financing you need to resolve any of your plumbing issues. Thanks to a variety of financing options available through us, you can get your plumbing work done without feeling strapped financially.
With both secured and unsecured financing options available, there is a financing plan designed to meet the needs of almost everyone. Not only can you take advantage of the low or no interest options, but you can also enjoy the assortment of payment options designed with your individual needs in mind.
What are my Plumbing Financing Options?
In most cases, you should pay cash for your home improvements and repairs whenever possible—because you’ll save hundreds or even thousands in finance costs.
So if you’re upgrading your fixtures or doing other cosmetic work, it’s a good idea to wait a few months so you can sock away some cash. On the other hand, if you’ve got sewer problems, water leaks or other urgent repairs, you really can’t afford to wait… and financing definitely makes sense.
In these situations, you basically have three choices: 1) obtain a personal home improvement loan; 2) secure a home improvement credit card or the third option; 3) get a home equity loan.
Don’t Have the Cash?
In the scenario below, a $12,500 project could be spread out over 60 months with a $248 payment
When Should I use a Personal Home Improvement Loan for Plumbing Financing?
Personal home improvement loans, or zero equity loans, are unsecured and based on your good credit. Someone with a strong credit rating can usually get approval with income verification and a signature.
Personal loans work well for emergencies and urgent plumbing problems because you get your money right away… most people get a decision in less than 24 hours.
Once approved, you will usually have access to your funds in just a couple of days.
When Should I use a Home Improvement Credit Card for Plumbing Financing?
If you’ve got a Visa or MasterCard in your wallet right now, you already know how home improvement credit cards work. You fill out an application, get your card, and use it to pay for labor and supplies, up to the amount of your credit limit. It may be the most convenient of your plumbing financing options. One of the sweet features that makes home improvement credit cards even more attractive for smaller plumbing projects—most lenders offer a 0% introductory interest rate for the first year or so. That means if you pay your balance off within the introductory term, you won’t pay any finance charges.
On the down side, however, if you carry a balance past the introductory term, interest charges kick in—and credit cards carry comparably high interest rates, usually 15% to 20% or more. And interest charges increase your balance, which means higher monthly payments (which can throw your budget seriously out of whack). If you’ve got a relatively minor plumbing project you can pay off quickly, a home improvement credit card may be the best way to go.
Home Equity Loan vs. HELOC: A Quick Overview
Home Equity Loans and Home Equity Lines of Credit (HELOCs) are loans that are secured by a borrower’s home. A borrower can take out an equity loan or credit line if they have equity in their home. Home equity loans give the borrower a lump sum upfront for which to spend, and in return, they must make fixed payments over the life of the loan. Home equity loans also have a fixed interest rate. Conversely, home equity lines of credit (HELOC) are credit lines that allow a borrower to tap into as needed up to a certain preset credit limit. HELOCs have a variable interest rate, and the payments are not usually fixed.
One question you should ask yourself: What’s the purpose of the loan? A home equity loan is a good choice if you know exactly how much you need to borrow and how the money will be used. Once approved, you’re guaranteed a certain amount, which you receive in full when the loan is advanced. As a result, home equity loans can help with big expenses.
Conversely, a HELOC is a good choice if you aren’t sure how much you’ll need to borrow or when you need it. Generally, it gives you ongoing access to cash for a set period—sometimes up to 10 years. You can borrow against your line, repay it all or in part, and then borrow that money again later, as long as you’re still in the HELOC’s draw period. Keep in mind that just because you can borrow against your home’s equity doesn’t mean you should. But if you need to, there are many factors to consider when deciding which is the best way to borrow.
There is a Fourth Option
Fortunately there are a few Home Service companies in Southern California, like Overland Plumbing, that can help you secure the financing you need.
Made possible through partnerships with select financial institutions, Overland Plumbing is able to help you select the best financing option for your particular situation.
Give our team a call, or enter your information in the Form below and we will contact you immediately to help you determine which financing option is going to work best for you so you can begin your project today.
Call Us Today To Discuss Your Plumbing Finance Options
Overland Plumbing is a Home Service company and a licensed Plumbing Contractor in California [License#599993]. Overland Plumbing does not accept applications for credit, does not make loans, and does not make credit decisions. This site does not constitute an offer or solicitation to lend. All financial services are provided by third party providers and each have their own lending criteria. Overland Plumbing will not, and does not, charge any fees to request or submit application(s) for financing.